Thursday, May 3, 2012

Developer Sues Bethpage FCU

A homebuilder is suing Bethpage Federal Credit Union for $55 million claiming that the credit union reneged on a promise to fund a condominium project in Port Jefferson.

The complaint alleges that Bethpage FCU pulled out of its commitment to provide a $10 million construction loan for a 43-condo development called Liberty Meadows and caused a 15 month delay in the project.

The developer notes that the credit union provided both verbal and e-mailed promises that it would fund the project.

The project moved forward with a loan from Valley National Bank.

Read the story in the Long Island Business News.
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